S 
Shopify SHOP · USD
Information Technology · IT Services · US listing · 🇺🇸 United States
Nasdaq-100
152.06
+2.12%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$11.56bn
FY2016FY2025
Net income
$1.23bn
FY2016FY2025
Free cash flow
$2.01bn
FY2016FY2025
Shareholders' equity
$13.47bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.56bn | $8.88bn | $7.06bn | $5.60bn | $4.61bn | $2.93bn | $1.58bn | $1.07bn | $673.3m | $389.3m |
| Gross profit | $5.55bn | $4.47bn | $3.52bn | $2.75bn | $2.48bn | $1.54bn | $865.6m | $596.3m | $380.3m | $209.5m |
| Research and development | $1.54bn | $1.37bn | $1.73bn | $1.50bn | $854.4m | $552.1m | $355.0m | $230.7m | $136.0m | $74.3m |
| Operating income | $1.47bn | $1.07bn | −$1.42bn | −$822.0m | $268.6m | $90.2m | −$141.1m | −$91.9m | −$49.2m | −$37.2m |
| Net income | $1.23bn | $2.02bn | $132.0m | −$3.46bn | $2.91bn | $319.5m | −$124.8m | −$64.6m | −$40.0m | −$35.4m |
| Diluted earnings per share | 0.94 | 1.56 | 0.10 | -2.72 | 2.32 | 0.25 | -0.11 | -0.06 | -0.04 | -0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $15.19bn | $13.92bn | $11.30bn | $10.76bn | $13.34bn | $7.76bn | $3.49bn | $2.25bn | $1.11bn | $490.6m |
| Cash and short-term investments | $5.77bn | $5.48bn | $5.01bn | $5.05bn | $7.77bn | $6.39bn | $2.46bn | $1.97bn | $938.0m | $392.4m |
| Total liabilities | $1.72bn | $2.37bn | $2.23bn | $2.52bn | $2.21bn | $1.36bn | $473.7m | $164.0m | $112.5m | $80.1m |
| Debt | — | $918.0m | $916.0m | $913.3m | $911.0m | $758.0m | — | — | — | — |
| Shareholders' equity | $13.47bn | $11.56bn | $9.07bn | $8.24bn | $11.13bn | $6.40bn | $3.02bn | $2.09bn | $1.00bn | $410.5m |
| Shares outstanding | 1,305m | 1,295m | 1,297m | 1,273m | 1,257m | 1,255m | 1,160m | 1,077m | 996m | 891m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $2.03bn | $1.62bn | $944.0m | −$136.0m | $535.7m | $425.0m | $70.6m | $9.3m | $7.9m | $14.0m |
| Capital spending | −$26.0m | −$19.0m | −$39.0m | −$50.0m | −$50.8m | −$42.0m | −$62.4m | −$41.5m | −$24.3m | −$26.2m |
| Free cash flow | $2.01bn | $1.60bn | $905.0m | −$186.0m | $484.9m | $383.0m | $8.2m | −$32.2m | −$16.4m | −$12.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.58bn | $3.17bn | $3.67bn | $2.84bn | $2.68bn | $2.36bn | $2.81bn | $2.16bn |
| Gross profit | $1.71bn | $1.55bn | $1.69bn | $1.39bn | $1.30bn | $1.17bn | $1.35bn | $1.12bn |
| Operating income | $488.0m | $382.0m | $631.0m | $343.0m | $291.0m | $203.0m | $465.0m | $283.0m |
| Net income | $1.50bn | −$581.0m | $743.0m | $264.0m | $906.0m | −$682.0m | $1.29bn | $828.0m |
| Diluted earnings per share | 1.16 | -0.45 | 0.57 | 0.20 | 0.69 | -0.52 | 1.00 | 0.64 |
| Cash from operations | $658.0m | $481.0m | $725.0m | $513.0m | $436.0m | $367.0m | $615.0m | $423.0m |
| Capital spending | −$4.0m | −$5.0m | −$10.0m | −$6.0m | −$6.0m | −$4.0m | −$4.0m | −$2.0m |
| Free cash flow | $654.0m | $476.0m | $715.0m | $507.0m | $430.0m | $363.0m | $611.0m | $421.0m |
| Total assets | $14.47bn | $14.17bn | $15.19bn | $15.02bn | $14.59bn | $13.40bn | $13.92bn | $12.33bn |
| Cash and short-term investments | $4.95bn | $5.76bn | $5.77bn | $6.34bn | $5.83bn | $5.51bn | $5.48bn | $4.89bn |
| Debt | $10.0m | $16.1m | $17.0m | $939.0m | $939.0m | $938.0m | $936.0m | $935.0m |
| Shareholders' equity | $12.68bn | $12.54bn | $13.47bn | $12.50bn | $12.15bn | $11.05bn | $11.56bn | $10.12bn |
Financial ratios
Data as of 6 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | — |
| Operating margin | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% | 3.1% | — |
| Net margin | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% | 10.9% | — |
| Return on equity | 9.1% | 17.5% | 1.5% | -42.0% | 26.2% | 5.0% | — |
| Return on assets | 8.1% | 14.5% | 1.2% | -32.2% | 21.8% | 4.1% | — |
| Free cash flow yield | 1.1% | 0.9% | 0.5% | -0.1% | 0.3% | 0.2% | — |
| Revenue growth | 30.1% | 25.8% | 26.1% | 21.4% | 57.4% | 85.6% | — |
| Earnings growth | -39.0% | 1429.5% | -103.8% | -218.7% | 812.2% | -355.9% | — |
| Current ratio | 5.96x | 3.71x | 6.99x | 7.07x | 12.15x | 15.69x | — |
| Debt to equity | 0.00x | 0.08x | 0.10x | 0.11x | 0.08x | 0.12x | — |
| Equity ratio | 88.7% | 83.0% | 80.2% | 76.6% | 83.5% | 82.5% | — |
| Interest coverage | — | — | — | -714.78x | 77.60x | 9.43x | -3.11x |
| R&D as a share of sales | 13.3% | 15.4% | 24.5% | 26.8% | 18.5% | 18.8% | — |
| Buybacks as a share of market value | -0.8% | 0.2% | -1.9% | -1.3% | -0.2% | -8.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.3% | 31.6% | 49.6% |
| Operating income | — | 74.7% | — |
| Net income | — | 31.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.1% | 49.2% | 50.0% | 50.5% |
| Operating margin | 12.4% | 0.9% | 1.6% | 0.7% |
| Net margin | 15.9% | -0.2% | 7.8% | 6.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 170.6 | 68.2 | — | -12.8 | 59.4 | 444.5 | -369.5 | -231.1 | -251.4 | -108.1 |
| Price to sales | 18.2 | 15.5 | 14.3 | 7.9 | 37.5 | 48.5 | 29.2 | 13.9 | 14.9 | 9.8 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$3.52bn$188.32bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 52% | 40% | 121% | -72% | 7% | 207% | 205% | 21% | 154% | 61% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-for-1 split · 29 Jun 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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